Despite the uncertainty surrounding Brexit in the UK, wage growth beat economist expectations from Feb 19-April 19, according to a BBC Report. Wages rose 3.4% compared with the same period in 2018, after taking inflation into account this leaves a wage growth figure of 1.4%.
The unemployment rate remained at 3.8% further demonstrating the resilience of the UK jobs market. The rate of job creation is slowing; however economists are divided as to whether this is generated by a greater level of caution from employers or a lack of suitable candidates. If the lack of suitable candidates is the culprit, then we may see salaries rise faster as firms compete to secure and retain the best talent.
Here at Nolan Recruitment we have certainly seen the “battle” for engineering talent intensify. Companies are having to provide more attractive/flexible offers to secure and attract the best talent. Furthermore, it is becoming harder to retain staff as other companies try and poach the best talent.
The clients we see thriving in these conditions are those offering not only competitive salaries but a positive working environment. The companies offering the bear minimum to their staff and expecting the world in return will be the ones, where ultimately, productivity will suffer. Those rewarding their staff and allowing them to flourish seem to be growing rapidly.
At Nolan Recruitment we are firm believers in Richard Branson’s thinking;
“ Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients”
Happy staff = greater service/productivity! Should you wish to look at your attraction or retention strategies then feel free to speak to Nolan Recruitment for some impartial advice.